LIC Endowment Assurance Policy
LIC Endowment Assurance Policy is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death. This plan provides for disability benefit incorporated within where the future premiums would be waived off along with accidental death benefit rider, critical illness rider and term rider.
Key Features
This plan is a simple endowment plan with guaranteed returns
Sum assured + accrued Bonus paid on Maturity or on earlier Death.
The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance
This plan offers disability benefit as well where the future premiums would be waived along with payment of Disability Benefit.
Optional higher cover through 3 additional riders
There are 3 Additional Riders available:
- Accidental Death Benefit Rider
- Critical Illness Rider
- Term Rider
Benefits
In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
At the maturity of the policy, the insured will get Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | No Limit |
| Policy Term (in years) | 5 | 55 |
| Premium Payment Term (in years) | 5 | 55 |
| Entry Age of Policyholder | 12 | 65 |
| Age at Maturity | - | 75 |
| Single Premium (in Rs.) | NA | NA |
| Payment modes | Yearly, Half-yearly, Quarterly, Monthly and SSS | |
FAQs
What happens if You stop paying the premium?If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
What happens if You want to surrender the policy? There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
What happens if You want a loan against your policy?Loan facility is available under this policy
